"They're hungry to get back in the game and will go to unprecedented lengths to attract the best consumers to their portfolios," said CardRatings.com reporter Curtis Arnold. "Instead of relying on 'revolvers' to manage high balances, credit card issuers want to attract more cardholders who can pay down their balances each month."

To nab the best customers, they're willing to sweeten the deal with things like cash back rewards, lower interest rates, and plummeting introductory rates, a trend Arnold says is likely to continue well into 2012.

The site put together its annual list of the best in rewards cards, naming cards from American Express and Capital One as the best in cash back credit cards. The companies offer anywhere from 1.5 to 6 percent back on all purchases.